Money transfer from the developed world to the developing world can be costly and often a lengthy process due to a lack of transparency in the transfer fee structure and limited, uncompetitive service offerings. Remittances are often the lifeline for families back home, frequently overshadowing direct foreign aid to developing countries, and although often low in comparative value, make up a substantial amount of diaspora’s dispensable income. Given the central role of remittances in those parts of the world, governments and NGOs have made it a policy priority to bring down the costs of such remittances.
To address these challenges, we developed an interactive, online remittance comparison portal that enables members of the diaspora to compare prices and functionalities across each specific remittance corridor – helping them to identify the most affordable and convenient option. The data in the portal is updated daily and in real time and is available in three languages (English, French, Spanish). For more on the remittance portal, visit our case study page here.